The Stockbrokers and Investment Advisers Association says the pipeline of new entrants to its profession has “collapsed”, and is urging the government to exempt its members from mandatory financial planning studies.

The industry body’s chief executive, Judith Fox, a member of the Australian Securities Exchange’s governance council, said that it was a “matter of urgency” that stockbrokers be allowed to continue practising without being subject to the professional standards edicts introduced by the previous Coalition government.